<SEC-DOCUMENT>0000950123-23-000094.txt : 20240913
<SEC-HEADER>0000950123-23-000094.hdr.sgml : 20240913
<ACCEPTANCE-DATETIME>20230110102449
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950123-23-000094
CONFORMED SUBMISSION TYPE:	DRSLTR
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20230110

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			YXT.COM GROUP HOLDING Ltd
		CENTRAL INDEX KEY:			0001872090
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-PREPACKAGED SOFTWARE [7372]
		ORGANIZATION NAME:           	06 Technology
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DRSLTR

	BUSINESS ADDRESS:	
		STREET 1:		FLOOR 20, BUILDING 2, NO. 209,
		STREET 2:		ZHUYUAN ROAD, HIGH-TECH DISTRICT, SUZHOU
		CITY:			JIANGSU, 215011
		STATE:			F4
		ZIP:			00000
		BUSINESS PHONE:		86 512 66899881

	MAIL ADDRESS:	
		STREET 1:		FLOOR 20, BUILDING 2, NO. 209,
		STREET 2:		ZHUYUAN ROAD, HIGH-TECH DISTRICT, SUZHOU
		CITY:			JIANGSU, 215011
		STATE:			F4
		ZIP:			00000
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Li He</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Partner</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">+852 2533 3306</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">li.he@davispolk.com</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Davis Polk&nbsp;&amp; Wardwell</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Hong Kong
Solicitors</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Hong Kong Club Building <BR>3A Chater Road <BR>Hong Kong</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">davispolk.com</P></TD>
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<TD VALIGN="top"><B>Resident Hong Kong Partners</B></TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Karen Chan **</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Yang Chu **</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">James C. Lin *</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Gerhard Radtke *</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Martin Rogers **</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Miranda So *</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">James Wadham **</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Xuelin Wang *</P></TD>
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<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Hong Kong Solicitors</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">* Also
Admitted in New York</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">** Also Admitted in England and Wales</P></TD>
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<TD VALIGN="top" COLSPAN="3">January 10, 2023</TD></TR>
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<TD VALIGN="top">Re:</TD>
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<TD VALIGN="top">YXT.COM GROUP HOLDING LIMITED (CIK: 0001872090) <BR>Responses to the Staff&#146;s Comments on the Amendment No.4 to Draft Registration Statement on Form <FONT STYLE="white-space:nowrap">F-1</FONT> Confidentially Submitted on
October&nbsp;27, 2022</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Confidential </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Brittany Ebbertt </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Christine Dietz </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Alexandra Barone </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Jan Woo </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Technology </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On behalf of YXT.COM GROUP HOLDING LIMITED (the &#147;<B>Company</B>&#148;), a company incorporated under the laws of the Cayman Islands, we
are submitting to the Staff (the &#147;<B>Staff</B>&#148;) of the Securities and Exchange Commission (the &#147;<B>Commission</B>&#148;) this letter setting forth the Company&#146;s responses to the comments contained in the Staff&#146;s letter
dated November&nbsp;10, 2022 on the Company&#146;s amendment No.4 to draft registration statement on Form <FONT STYLE="white-space:nowrap">F-1</FONT> confidentially submitted on October&nbsp;27, 2022 (the &#147;<B>Draft Registration
Statement</B>&#148;). Concurrently with the submission of this letter, the Company is submitting its revised draft registration statement on Form <FONT STYLE="white-space:nowrap">F-1</FONT> (the &#147;<B>Revised Draft Registration
Statement</B>&#148;) via EDGAR to the Commission for confidential review in accordance with the procedures of the Commission. The Company confirms that its securities have not been previously sold pursuant to an effective registration statement
under the Securities Act of 1933, as amended (the &#147;<B>Securities Act</B>&#148;). The Company also confirms that it will publicly file the registration statement previously submitted on a confidential basis at least 15 days prior to any road
show in connection with the offering. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company has responded to all of the Staff&#146;s comments by revising the Draft Registration
Statement to address the comments, by providing an explanation if the Company has not so revised the Draft Registration Statement, or by providing supplemental information as requested. The Staff&#146;s comments are repeated below in bold, followed
by the Company&#146;s response to such comments. We have included page numbers to refer to the location in the Revised Draft Registration Statement where the language addressing a particular comment appears. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;* </P>
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<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Davis Polk includes Davis Polk&nbsp;&amp; Wardwell LLP and its associated entities. </P>

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<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">January&nbsp;10, 2023</P></TD></TR></TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Amendment No.&nbsp;4 to Draft Registration Statement on Form
<FONT STYLE="white-space:nowrap">F-1</FONT> Submitted October&nbsp;27, 2022 </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>VIE Consolidating Schedule (Unaudited), page 25 </U></B></P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>1.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>The line item &#147;Equity in loss of the Group&#146;s entities&#148; and related footnote (2)&nbsp;to the
consolidating statement of operations implies that the income (loss) of the VIEs is treated similar to an equity method investment. Please revise to separately present, and appropriately label, amounts related to your subsidiaries, which may be
equity method investments, and amounts related to the VIEs. For example, amounts related to the VIEs may be labeled &#147;Income/(loss) of the VIEs.&#148; Similar revisions should be made to the &#147;Investments deficit to the Group&#146;s
entities&#148; and &#147;Investments to the Group&#146;s entities&#148; line items and related footnote in the consolidating balance sheets. For example, amounts related to the VIEs may be labeled &#147;Net assets of the VIEs.&#148;
</B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has revised the disclosures on pages 25 and 26 of the Revised
Draft Registration Statement. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Risk Factors </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>From time to time, we may become defendants in legal proceedings..., page 37 </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>2.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>We note your disclosure that &#147;the other shareholder of CEIBS PG holding the remaining 40% equity
interest, stated publicly that we had infringed its intellectual property rights and CEIBS was not aware of and did not recognize the associated share purchase of Shanghai China Europe and Shanghai Fenghe by Yunxuetang Network, the VIEs.&#148; With
respect to the dispute involving CEIBS PG, please discuss any potential risks related to challenges of your ownership stake in CEIBS PG. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Company respectfully submits that CEIBS (the other shareholder of CEIBS PG holding the remaining 40% equity interest) alleged that the
Share Transfer (as defined in the Revised Draft Registration Statement) regarding the Company&#146;s indirect equity interest in CEIBS PG was invalid or of no effect and/or inequitable, and requested to
<FONT STYLE="white-space:nowrap">wind-up</FONT> CEIBS PG. In response to the Staff&#146;s comment, the Company has revised the disclosures on page 38 of the Revised Draft Registration Statement. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Consolidated Financial Statements </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>1.
Principal Activities and Organization </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>(b) History of the Group and Basis of Presentation for the Reorganization, page <FONT
STYLE="white-space:nowrap">F-14</FONT> </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>We note your response and revised disclosures to prior comment 9. Please further revise to remove your
reference to &#147;ownership&#148; from the percentage of ownership column in the VIEs table on pages <FONT STYLE="white-space:nowrap">F-15</FONT> and <FONT STYLE="white-space:nowrap">F-85</FONT> as this implies you have some kind of equity
ownership in the VIEs. Please relabel this column so that it appropriately reflects the fact that you hold only an economic interest in the VIEs via contractual arrangements. </B></P></TD></TR></TABLE>
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<TD VALIGN="top" ALIGN="right">January&nbsp;10, 2023</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has revised the disclosures on pages <FONT
STYLE="white-space:nowrap">F-15</FONT> and <FONT STYLE="white-space:nowrap">F-84</FONT> of the Revised Draft Registration Statement. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>General
</U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>We make reference to the response to our prior comment 31 that you provided in your September&nbsp;28, 2021
letter. Our prior comment 31 requested, in part, that you provide an analysis of the status of the Company and its subsidiaries under Section&nbsp;3(a)(1)(C) of the 1940 Act. Your response focused on the application of Rule <FONT
STYLE="white-space:nowrap">3a-8</FONT> under the 1940 Act and did not include the requested calculation(s) under Section&nbsp;3(a)(1)(C). Although we understand that it is the Company&#146;s intent to rely on Rule
<FONT STYLE="white-space:nowrap">3a-8,</FONT> we reissue our request that you provide all relevant calculations under Section&nbsp;3(a)(1)(C) (on an unconsolidated basis), identifying each constituent part of the numerator(s) and denominator(s). To
the extent that your analysis depends on the legal treatment of subsidiary entities under Section&nbsp;3(a)(2) of the 1940 Act, please provide a legal analysis supporting such treatment. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Company respectfully submits that, as previously responded, the Company intends to rely on Rule
<FONT STYLE="white-space:nowrap">3a-8</FONT> under the 1940 Act, which serves as an exemption that would apply regardless of the status of the Company, its subsidiaries and the&nbsp;VIEs under Section&nbsp;3(a)(1)(C). As discussed in detail in our
prior response, the Company satisfies the requirements of Rule <FONT STYLE="white-space:nowrap">3a-8,</FONT> and therefore is deemed not to be an investment company, notwithstanding Section&nbsp;3(a)(1)(C). Furthermore, the analysis under
Section&nbsp;3(a)(1)(C) would require the Company to prepare and analyze unconsolidated balance sheets for the Company, each of its subsidiaries and the VIEs, which would require the Company to incur substantial additional time and costs but may not
provide additional useful information regarding the Company&#146;s status as an investment company under the 1940 Act. Therefore, the Company respectfully requests not to include the analysis under Section&nbsp;3(a)(1)(C). </P>
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&nbsp;* </P>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">January&nbsp;10, 2023</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If you have any questions regarding this submission, please contact Li He at <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">+86-186-1110-6922</FONT></FONT> (li.he@davispolk.com) or Ran Li at <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">+86-186-0006-9077</FONT></FONT> (ran.li@davispolk.com).
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Thank you again for your time and attention. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Yours sincerely,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Li He</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Li He</TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Mr.&nbsp;Pun Leung (Anthony) Liu (liaobl@yxt.com), Chief Financial Officer </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>YXT.COM GROUP HOLDING LIMITED </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Yi Gao, Esq., Partner </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Simpson Thacher&nbsp;&amp; Bartlett LLP </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Derek Shao, Partner </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>PricewaterhouseCoopers Zhong Tian LLP </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="9%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">January&nbsp;10, 2023</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">4</TD></TR></TABLE>

</DIV></Center>

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